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An ordinance approving two agreements relating to the use of the properties comprising the Global Mall site. (Proposal No. 2022M-012AG-001).
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WHEREAS, the Metropolitan Government owns a parcel of property (Parcel ID No. 16300042200) (the "Metro Property") that is a part of the Global Mall site; and
WHEREAS, CV LHF owns a parcel of property (Parcel ID Number 16300022300) (the "CV LHF Property") that is also a part of the Global Mall site; and
WHEREAS, the Metro Property and the CV LHF Property are subject to certain agreements and declarations (the "Predecessor Agreements") governing the rights and obligations of the owners of such properties and other properties comprising the Global Mall site (all such properties being the "Global Mall Properties"); and
WHEREAS, as a result of changes in the use of the Global Mall Properties over time, the Predecessor Agreements are out of date and should be terminated and replaced with one or more new agreements consistent with current and anticipated future uses of the Global Mall Properties; and
WHEREAS, pursuant to the terms of the agreement attached as Exhibit 1 to this ordinance, the parties seek to terminate the Predecessor Agreements conditioned upon the execution of a new agreement governing the rights and obligations of the owners of the Global Mall Properties; and
WHEREAS, the parties propose to seek a revised operating agreement, substantially in the form of Exhibit 2 to this ordinance, among the owners of the Global Mall Properties.
NOW, THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. The Conditional Termination and Release of Predecessor Agreements (Exhibit 1) is hereby approved, and the Director of Public Property or designee is authorized to execute and record it.
Section 2. The form of the proposed Termination of Predecessor Agreements and Creation of Reciprocal Easement Agreement (Exhibit 2) is approved, and the Director of Publi...
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